I'm raising money to do a rehab of my property. Money is for materials and labor. Please support my campaign and recomend to your friends and family. Follow my progress as we move forward.
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I'm a father of 4. I worked as an independent courier for the last 20 years. In December 2019 I took almost all my savings, and I bought an old house in upstate New York, about 2 months before the covid19 pandemic started.
I intended to rehab the property at the time as I had around 20K saved for the project. The pandemic ruined all my plans and dried up all my savings. Since then, I have not been able to secure financing to help with the rehab for a few different reasons. The first reason is I bought the house cash in an auction. This makes it impossible for me to secure hard money loans because almost every Hard Money Lender wants to be on title as part of the acquisition. This is not possible as I already purchased the house cash and own it free and clear. Secondly, the house is in bad shape and not habitable. Therefore, banks won't lend on it via H.E.L.O.C. I don't qualify for any personal loans currently as my credit is very low now. I have an almost flawless payment history but extremely high credit card balances which is keeping my scores low. I'm not able to secure any type of conventional financing which brings me to my only possible option now which is crowd funding/donations or private loans. I would be happy to secure a loan and secure anyone willing to help me with a lean on the property or even J.V.
I don't want to lose my life savings on this property. The taxes and other related expenses are still being incurred yearly and monthly.
I am forever grateful to anyone who finds it in their heart to help me with this project.
I have a Warranty Deed for the property. I am ready to get started on the rehab. I have a very competent construction company lined up to complete the rehab for around 40k. The after-repair value of the property is approximately $120,000, that is a conservative estimate of the current market. The property is a 2-family home. Two apartments with 2 bedrooms each, living rooms dining rooms kitchens and bathrooms. There are approximately 2,500 square feet of living space. Full basement on approximately 1/2 acre.
I'm appealing to any kindhearted individual or investor to help me with this project. I will be forever grateful for any assistance. Thanks in advance.
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